But their presenting gig probably won't be the only time this dynamic duo will appear onstage. Both men — who are usually known as Oscar fixtures due to their movie star status — have been nominated for their roles in the TV movie "Behind the Candelabra." Douglas played Liberace in the HBO flick, while Damon played his longtime lover, Scott Thorson. The movie is up for a whopping total of 15 nominations.
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Perhaps even more surprising is the fact that this year's ceremony will mark the first time that Douglas or Damon has ever presented at the Emmy Awards.
Michael Douglas's Emmy nominations date back to 1974 for his role in "The Streets of San Francisco." He's also been recognized for a guest-starring stint on "Will & Grace" and has racked up a total of five Emmy nominations over the past 40 years.
Damon's Emmy nominations match Douglas's and include his guest-starring role on "30 Rock" as well as several noms for "Project Greenlight."
When the Emmy nominations were announced back in July, Douglas had nothing but praise for his onscreen companion and fellow nominee. He told Variety, "It's what you dream about in terms of a production where everybody is firing on all cylinders. Can't say enough about Matt."
The actor also dished on filming the movie's toughest scenes, especially the moments when Liberace and his lover were fighting: "Once you break through those first couple of days, it's like a locomotive picking up speed," he said. "There was a great theatricality about Lee that allows you to be larger than life compared to most of the parts I play."
While he'll be joined onstage by Damon to present the Emmys' first award, Douglas may be sitting alone in the audience; he and his wife, Catherine-Zeta Jones, recently separated. Meanwhile, Damon will surely have his wife, Luciana Barroso, on his arm for his Emmy-presenting debut.
Meanwhile, with both men up for the Outstanding Lead Actor in a Miniseries or Movie category (their competition includes Al Pacino, Toby Jones, and Benedict Cumberbatch), Damon recently told Access Hollywood he's actually rooting for Michael Douglas to win.
"[I want] Michael [to win]. Really. I swear to you!" Damon said of his biopic co-star. "I really want him to. It's just such a great story and given his recent years, to come back from [cancer] and to whoop cancer's ass, and then do that? He should have some kind of trophy, right?"
Watch the "Behind the Candelabra" trailer now:
The 65th Primetime Emmy Awards will air live from the Nokia Theatre L.A. Live on Sunday, Sept. 22 at 8 p.m. on CBS.